Group 1 Automotive, Inc. released its financial results on Wednesday, which showed the international auto retailer posted record numbers for the first quarter. Net income for the quarter reached $202.9 million, while revenue was 30.1% higher than Q1 2021, ending up at $3.8 billion.
Group 1’s report also outlined quarter adjusted net income of $186.4 million and said quarter diluted earnings per common share was $11.88 and quarter adjusted diluted earnings per common share ended up at $10.92.
When discussing the Q1 results, Group 1 President and Chief Executive Officer, Earl J. Hesterberg, said the “record profit performance this quarter was the result of continued strong consumer demand and outstanding operational performance across all business segments in the U.S. and U.K.” He also noted that Group 1 made lucrative acquisitions throughout 2021, specifically mentioning its acquisition of Prime Auto Group.
Hesterberg also mentioned service growth and cost leverage for the quarter, stating that they “were noteworthy in both the U.S. and U.K. with U.S. service growth of 18.6% over last year on a same store basis and consolidated adjusted [Selling, General and Administrative Expenses] down 381 [base points] over last year.”
Wednesday’s report outlined that Group 1 repurchased 638,696 shares throughout the quarter, which totaled $115.2 million. It also said the company has “an aggregate 16.7 million outstanding common shares and unvested restricted stock awards.”
Group 1 now has 202 dealerships throughout the United States and the United Kingdom.
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